November 19, 2012 By Jonathan Ping 7 Comments. The IRS recently announced increased contribution limits for various qualified retirement plans for tax year 2013. The limitations are indexed to increases in cost-of-living (inflation) as per section 415 of the tax code.In particular, the elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal governmentâs Thrift Savings Plan is increased from $17,000 to $17,500.However, the additional catch-up contribution allowed for those age 50 and higher remains $5,500.ovember 19, 2012 By Jonathan Ping 7 Comments. The IRS recently announced increased contribution limits for various qualified retirement plans for tax year 2013. The limitations are indexed to increases in cost-of-living (inflation) as per section 415 of the tax code.
Jones rejected the ruling and imposed a penalty more than 15 times larger. Although, under Insurance Commissioner Steve Poizner four years ago California sought a penalty of nearly $10 billion against the insurer, a fine that didnât stand. UnitedHealth in July sued Jones to block the massive fine, which is considered unprecedented in size. California Insurance Commissioner Dave Jones.
The uninsured penalty will substantially increase in 2015 and individuals without creditable health insurance coverage will face a penalty equal to the greater of: 1) $325 per adult, $162.50 per child, with a maximum of $975 for a family.or. 2) 2% of modified adjusted gross household income.r. 2) 1% of modified adjusted gross household income. For example, a person without coverage during the entire 2014 year whose income after tax adjustments is $25,000 would pay a penalty of $250 since 1% of their income is $250 and $250 is greater than the flat fee penalty of $95.